25th June 2024
Orchard Funding Group
PLC
Trading
Update
Orchard Funding Group PLC
("Orchard", the
"Group" or "Company"), the finance group which
specialises in insurance premium finance and the professions
funding market, provides the following Trading Update.
Trading year to date has been
positive within the insurance premium finance market driving
revenue growth through increased lending. The Company has applied a
disciplined approach to its growth enabling the Group to maintain
income against a backdrop of higher interest rates. As a
consequence, management now expect that earnings will exceed
current market guidance by over 20%.
Ravi Takhar, the CEO of the Company
stated:
"We continue to focus on the
controlled and conservative growth of our business and are pleased
to be able to notify the market that we reasonably believe, subject
to final audit, that we will exceed current market guidance by over
20%.
We continue to strengthen our
lending in our core insurance premium finance market as well as our
lending in adjacent markets. We are optimistic that our ability to
lend, develop and operate our own software and our loyal and
experienced staff will continue to deliver positive results to the
company and all its stakeholders."
For further information, please
contact:
Orchard Funding Group PLC
+44 (0)1582 346 248
Ravi Takhar, Chief Executive
Officer
Liberum (Nomad and
Broker)
+44 (0)20 3100 2222
Investment banking
Edward Mansfield
For Investor Relations please go
to: www.orchardfundinggroupplc.com
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU)
No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement via the
Regulatory Information Service, this inside information is now
considered to be in the public domain.